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Thread: Bitcoin Analysis

  1. #346
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    BTC/USD

    From last week’s high at $7860 made on Friday measured to the lowest point the price has been yesterday at $7257.7 we have seen a decrease of 7.67%. The price is currently being traded at $7311.9 slightly higher then yesterday but is mostly hovering around the same horizontal range.

    This could be interpreted as a consolidation range especially after a minor retracement especially considering that the price volatility has diminished.



    Looking at the hourly chart, you can see that the price bounced from the 1.272 Fibonacci level like expected and started increasing impulsively to the upside in a five-wave manner coming to retest the descending trendline which is the resistance level out of the descending channel from Jun. As the price found resistance there a retracement occurred below the prior low at $7442 but above the interrupted ascending trendline from the baseline support dating from February which is a good sign.

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    BTC/USD

    From yesterday’s high at $7592 the price of Bitcoin has decreased by 3.55% as it came down to $7322 at its lowest point today. It’s currently being traded at $7377 which is slightly higher with the price being stuck in a resistance range.



    On the hourly chart, you can see that the price is inside the apex of the symmetrical triangle formed by the interrupted ascending trendline and the descending channels resistance level. The price is retesting both levels and is why it’s stuck in this range so a breakout would be expected shortly.

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    BTC/USD

    From yesterday’s high at $7193 the price of Bitcoin decreased by 4.07% today as it came down to $6905 at its lowest point. The price is currently still being traded around those levels with the price resting at the horizontal level in proximity.



    On the hourly chart, you can see that the price fell back to the projected level at around $6914 which is presumed to be the C wave out of the lower degree ABC correction and projected with the A wave’s length. This is the B wave of a higher degree as the second corrective wave after the leading diagonal retested the 1.272 Fibonacci level. In theory, it could go below the previous low but considering the significance of the horizontal support level which is currently being retested, I don’t believe that it will go much further.

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    BTC/USD

    The price of Bitcoin has increased by around 10% from last Friday when it was sitting at $7712 at it’s lowest point as it came up to $8536 at it’s highest today. The price is currently sitting at $8493 as it reached its key horizontal level at $8506 and is retesting it from the downside.



    Looking at the hourly chart, you can see that this increase was expected after a retest of the prior low in a five-wave manner which was presumed to be the C wave out of the next ABC to the upside out of which the A wave was presumed to be the leading diagonal we have seen in the second half of December.

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    BTC/USD

    The price of Bitcoin came to $9127 at its highest point on Sunday making an interaction with the 1 Fibonacci level, but as the level served as resistance we have seen a rejection causing a decline of around 7.88% as it came to $8444 at it’s lowest. Currently, the price is being traded at $8663 and is above the significant horizontal level at $8506 which was retested for support.



    Looking at the hourly chart, you can see that the price of Bitcoin has been consolidating after the mentioned rejection and hasn’t changed much during yesterday. As we have seen a shart decline, this minor range could be interpreted as a sign of consolidation before further downside movement.

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    BTC/USD

    From last Friday when the price of Bitcoin was sitting at $8261 at its lowest point, we have seen an increase of over 10% as the price reached $9149 at its highest today. The price is currently being traded slightly lower but is still above $9000.



    Looking at the hourly chart, you can see that it reached the 1 Fibonacci level at the vicinity of the prior high and was stopped out by the significant level, founding resistance there. The pattern from the 24th of January till today looks similar to the correction of a higher degree from June last year. This is why I would presume that the five-wave impulse has ended and that we are seeing the second corrective structure after it’s completion.

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    BTC/USD

    The price of Bitcoin has been moving to the downside from Sundays high and decreased by 3.76% coming from $9488 to $9132 where it is currently being traded. Sunday’s high was a retest of last week’s high made on Thursday and with the price falling to exceed it we have seen a retracement.



    On the hourly chart, you can see that the price of Bitcoin is currently retesting the 1 Fibonacci level which is a highly significant one and is managing to stay above it. If the price continues moving to the downside and falls below the mentioned level further decrease could be anticipated as the price most likely ended its 5th wave. For now, we are presuming that the 5th wave ended which is why a move to the downside of higher degree would be expected and if we have seen the completion of the five-wave move this one could push the price of Bitcoin all the way down to $6914.

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    BTC/USD

    The price of Bitcoin has reached it’s highest point this year yesterday, coming to $10163 but since then made a minor retracement of around 4.3% as it fell to $9726 at it’s lowest point today. Currently, the price is being traded at around $9774 which is slightly higher then it’s lowest point today and is hovering around those levels most likely retesting it’s support.



    On the hourly chart, you can see that the price reached the same levels as the impulsive spike to the upside made on the 26th of October last year which is at the 0.786 Fibonacci level which served as a strong resistance point. Now the level repelled the price again which is why we have seen a minor retracement but if this was the end of the increase that started from the begging of the year the price could be headed further to the downside.

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    BTC/USD

    The price of Bitcoin has been in a decline since last Thursday when it came up to $10466 at it’s highest point. From there we have seen a decrease of 8.8% as it came down to $9546 at it’s lowest point yesterday. Currently, the price is being traded slightly higher than yesterday and is sitting at $9705.



    On the hourly chart, we can see that the price came down to retest the ascending trendline from the start of the increase last year in December and has found support there. As we have seen a bounce off of the trendline the currently seen move is most likely further retest of its support so further testing would be expected to occur.

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    BTC/USD

    From yesterday’s open when the price of Bitcoin was sitting at $9988.8 which was it’s highest point, we have seen a decrease of 4.71% as the price came down to $9518 at it’s lowest point today. Currently, the price is hovering around those levels and is sitting slightly higher at around $9564.



    Looking at the hourly chart, we can see that the price has broken out from the ascending support level, significant uptrend support from the ascending channel in which the price has been since December last year. On the 18th of December, the price has been sitting at $6544 and from there to its highest point this year at $10490 made on the 13th of February made an increase of 60%.

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  11. #356
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    BTC/USD

    From Sunday when the price of Bitcoin retested the $8506 level and found support there we have seen an increase of 5.8% measured to its highest point yesterday at $8963. Currently, the price is being traded slightly lower after a minor retracement and is now in an upward trajectory, sitting at $8889.



    On the hourly chart, you can see that the price increase was straight up and that this downside move made since yesterday’s high was its first corrective move. Thus, we might see a further decline before further uptrend continuation occurs. The descending move would serve to retest some of the prior resistance levels for support especially the horizontal one of a lower range at around $8682 where the previous higher low ended.

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    BTC/USD

    Yesterday the price of Bitcoin reached $7709 at it’s lowest point coming from $9166 high made on Saturday which is a decrease of 15.9% in only two days. Since yesterday’s low, we have seen a minor recovery with the price currently sitting at around $8100 level. This 5.3% increase from yesterday might continue as the price is in an upward trajectory and came above the significant horizontal zone.



    Looking at the hourly chart, we can see that this descending move was caused by rejection at the 1 Fibonacci level of a higher degree count which was actually the ending point of the first corrective move made in June last year after the parabolic increase which developed throughout the first half of the year ended. Thus this was the 4th wave out of the lower degree five-wave impulse to the downside which is the C wave of a Minute count.

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    BTC/USD

    From yesterday’s low at $4472 the price of Bitcoin has increased by 21.5% as it came up to $5435 at it’s highest point today. The price is currently being traded slightly below those levels as it encountered horizontal resistance but is still in an upward trajectory overall.



    On the hourly chart, you can see that the price of Bitcoin has been looking for support at the descending trendline (bold black line) which is the support baseline from the first corrective decrease in June last year. As this level got retested and the price didn’t go below it on an impulsive decrease and again attempted a breakout but failed we can say that the price found support there.

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    BTC/USD

    From yesterday’s low at around $5780 the price of Bitcoin has increased by 14.76% measured to it’s highest point today which was at $6633. The price is currently being traded around those levels, slightly lower but is still in an upward trajectory.



    On the hourly chart, we can see that the price managed to come above it’s horizontal resistance level at $6266 which is a significant one but still hasn’t interacted with the upper at $6914 which was retested on the prior high and confirmed that it serves as resistance now that the price fell below it on the 12th of March.

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    BTC/USD

    From yesterday’s low at $5883 the price of Bitcoin has increased by 11.3% as it came up to $6548 at it’s highest point today. Currently, the price is being traded slightly lower but has started to break out from the descending triangle on the upside which was formed after today’s high.



    On the hourly chart, we can see that the price managed to come above the $6266 horizontal level which is a significant one but has now entered the seller’s territory and is experiencing pressure from their side. This rise of over 11% occurred after a five-wave move to the downside was seen which is why I believe it is corrective in nature and we are to see another five-wave move to the downside after it’s completion.

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